The 'Born To Run' singer will be given the prestigious award in Los Angeles in February as part of next year's pre-Grammy festivities.
Springsteen has been selected as MusiCares Person of the Year for his artistic contributions as well as his charity work.
MusiCares CEO Neil Portnow said of the legendary musician: "Bruce Springsteen is a truly gifted and Renaissance artist of our time, a national treasure, and an exemplary humanitarian.
"His career is a testament to the power of creative excellence, and his contributions as a philanthropist speak to the tenacity of the human spirit."
MusiCares has previously given the Person of the Year award to Gloria Estefan, Phil Collins, Sir Elton John, Bono and Barbra Streisand.
Sir Paul McCartney received the most recent honour in February at a ceremony attended by Katy Perry, Coldplay, Alicia Keys and Foo Fighters.
MusicCares was established by The Recording Academy in 1989 to highlight social causes.
Watch Bruce Springsteen's 'Death to My Hometown' music video below: